Looking for the right business insurance and commercial insurance in Colorado Springs for your business at the right price? You’ve come to the right place. You want the right coverage – not too much nor not too little. You also want it at the best possible price. Our team at Mikeal Taylor Insurance Agency pride ourselves in the diligent work we do to make sure you always have optimal coverage.
Now you might ask yourself why you as a business owner would need to carry commercial insurance. The answer is easy. You need commercial or business insurance to protect yourself, your business, employees and those who visit your business. For example, if someone has an accident on your business property, good business or commercial insurance covers their care. It can also protect you if your business catches fire. Really any loss that could limit your ability to do business can be protected against with commercial insurance. Overall, it is your business’s protector and defender.
Mikeal Taylor Insurance Agency is one of the top five Colorado Springs business insurance brokers in southern Colorado. We also offer a broad range of insurances for auto, home, life, and more. Call us to today for a free quote and learn for yourself why we’re trusted by hundreds of businesses just like yours.
Learn More: What Is Commercial Insurance?
Commercial insurance (or sometimes called business insurance) is just simply insurance that protects your business. It also works much the same way as regular insurance for your home or car. Only instead of protecting your car or home, it covers your business and all things that go along with that. It can protect the building itself from damage and can protect it from others suing you over an injury they got on your property. It can also protect you if the product you sell is damaged or stolen. In short, it is a type of insurance you get as a business owner to make sure that your business is protected from unforeseen accidents or disaster. Our team at Mikeal Taylor Insurance Agency is happy to work with you and determine what type of coverage you need for your specific type of business.
What Types of Commercial Insurance Should I Get for My Business?
The U.S. Small Business Administration lists several types of commercial or business insurance. You can more easily decide what type you need for your business by learning the various types that are available.
Home Business Insurance:
Just because you work from home, doesn’t mean you don’t need business insurance. In many cases, your regular homeowner’s policy won’t cover a business loss. You can get a rider to your homeowner’s policy specifically for your business. Sometimes, it makes more sense to get an additional policy for your business risk.
This coverage will protect you from everything that could cause damage or loss to your property. Property insurance isn’t limited to just “property.” It can also include coverage for your money, or lost income, smoke or wind damage and vandalism, just to name a few. There are two basic types of commercial property insurance. These are all risk and specific risk policies. The all risk does just it was says, covers a broad range of accidents and perils. The specific policies are only going to cover what is listed within your policy. The most common specific perils are insurance for business interruption, coverage for crime, flood and fire. That means your business is covered for these certain issues.
Liability Insurance for Products:
Any business that makes a product, sells, or distributes a product should have this type of coverage. This insurance will protect you if your product is defective. This defect might cause someone bodily harm or injury. Liability insurance will protect you from the loss of income associated with a defect. The amount of liability insurance you need will depend on what type of product you sell. For example, if you have a clothing store, you won’t need as much liability coverage as if you run a home improvement store.
General liability insurance protects you against claims of negligence. It also covers injuries and the legal problems that can come along with this. Most often, these policies will take care of payment needs as a result of medical expenses, bodily injury, lawsuits and property damage. This is also the most common type of commercial or business insurance.
Other Business Liability Coverage:
There are many other types of commercial or business insurance that you can get for your business. However, what you need again depends greatly on what type of business you have. Below are a few additional types of business insurance you might be interested in:
- business interruption
- worker’s compensation (workmans comp)
- equipment breakdown
- ocean and inland marine
- employers liability
- commercial umbrella or excess coverage
- surety bonds
- commercial auto
Types of Businesses We Insure
We insure any type of business:
- Employment Practice Liability/EPLI
- Excavation Contractor
- Artisan, Plumber, Electrician
- Roofer, Carpenter, Exterminator
- Interior Decorator, Interior Decorating
- Parking Lot and Driveway Contractor
- Livery, Limousine, Uber, Lyft, Ride Sharing, Taxi, Bus
- Waste Removal, Recycler
- Wholesale Distributor, Warehouse
- Manufacturer, Manufacturing
- Lessors Risk
- Course of Construction
- Commercial Real Estate Property
- Vacant Building
- Mobile Home Park
- Landscape Contractor, Landscaping
- Security System Installer
- Swimming Pool Contractor
- Church, Places of Worship, Religious Camps
- Party Planner, Events
- Retail Store, Gas Station
- Music Store, Piano Tuners
- Selected Mercantile Program
- Restaurant, Diner, Cafe, Food Services
- Deli, Coffee Shop
- Winery, Brewery
- Bar, Tavern, Pub
- Liquor Store, Liquor Liability
- Caterer, Catering
- Food Cart, Food Truck
- Bed & Breakfast
- Hotels, Motels
- Child/Day Care
- Adult Day Care, Foster Care
- Pet Clinic, Veterinarian
- Medical Equipment, Medical Device Supplier
- Martial Arts Studio
- Sports Camps
- Personal Trainer, Fitness Facility, Gym
- Golf Course, Driving Range, Miniature Golf
- Beauty Salon, Barber Shop
- Auto Dealership, Car Rental
How Does Commercial Insurance Work?
To best explain how commercial insurance works, let’s look at how a general liability policy would work during a claim. Let’s assume your business gets sued for around $300,000 due to an accident on your work site. This injury involves an additional $100,000 of legal fees. Let’s then assume your liability coverage is set at $400,000. This means your insurance would cover all the expenses associated with the accident. Now, if the accident costs exceed the amount of coverage you have, you would be responsible for the difference. That is why businesses with high risk will often get additional policies to make sure they are covered, no matter what happens.
Why Do I Need Commercial Insurance for My Business?
You of course understand the importance of having commercial insurance to protect yourself. You don’t want to lose your business due to a simple accident. In many cases, you are legally required to have this insurance. Some states require you as a business owner to pay state disability and workers’ compensation insurance. Therefore, it not only is a good idea for you to have commercial insurance, but it’s often legally required.
What Does Commercial Insurance Cover?
Commercial insurance from Mikeal Taylor covers a wide variety of things. Really the sky’s the limit in terms of what you can get coverage for. We can set up plans that cover vehicles, employees, your building, product, loss of income, equipment and all sorts of other things. It is best to set up a consolation with Mike in order to go over the ins and outs of your business. This will help our team as we put together a policy that works for your business.
How Much Does Commercial Insurance Cost?
The cost of commercial insurance varies greatly. It depends upon how big your business is and what your policy covers. The following is a breakdown of typical costs based on tech companies:
- General Liability Insurance for Small Tech Company: This includes one or two employees and zero to five programmers. This company might average revenue anywhere from $25,000 to $1,000,000 yearly. Their insurance cost would typically be $500 to $900 annually.
- Liability Insurance for Independent Tech Contractor: This would be a person who averages an annual revenue anywhere from $0 to $150,000. Their policy would cost $425.00 to $900.00 annually and have a deductible of $500.
- Liability Insurance for Large Tech Consulting Firm: This business would employ six to 10 employees with maybe 10 to 50 programmers. Their annual revenue might be anywhere from $3 to $10 million. Their cost would include an annual premium of around $3,646 with a deductible of $1,000.
The above figures are just a few examples of what it costs for a tech company to cover their business. Also, each business is different when it comes to coverage needs. Therefore, it’s impossible to say exactly what your cost would be. Thankfully, you can call on our team to give you an estimate to let you know your specific cost. We create a policy that is just right for your business.
How Much Business Insurance Do You Need?
First of all, cost varies based on your business. If you are a general contractor who could easily be sued, you need more coverage than a person with an antique shop. If you have several employees, you of course need to spend more than someone who works alone as an independent contractor. Therefore, this isn’t a question with a simple answer. Thankfully, we at Mikeal Taylor Insurance Agency help you answer this and determine how much coverage you need for your business.
Do You Need Insurance When Starting a Business?
Just because your business is new doesn’t mean you don’t need insurance. Anytime you have products, employees or a building, you need commercial or business insurance. Don’t make the mistake of not covering yourself. Why would you put your business in jeopardy by not getting insurance? You could fail before you even get off the ground if you do this. Therefore, don’t wait. As soon as you start a business, you need business insurance.
Is Insurance Needed When Selling a Business?
If you decide you sell your business, don’t make the mistake of simply canceling your business’s insurance policy. The danger is a suit coming against your business after you have cut off your coverage. To prevent this, contact us at Mikeal Taylor Insurance Agency before you sell your business. We let you know how to settle your insurance matter. This covers you for several days or months after you sell your business. It’s important for you to call your insurance company first. Don’t just cancel your policy ever, as this could cause devastating consequences.
How Can I Get Commercial Insurance?
Contact us at Mikeal Taylor Insurance Agency to get the right commercial insurance for your business. We go over the amount of revenue your business averages yearly. We then determine your coverage needs based on the information you provide. Finally, we create a personalized policy that fits your needs perfectly when we have completed our assessment.
Why You Need Commercial or Business Insurance Today:
Business insurance is crucial in today’s society. Most of all, it is necessary to keep yourself, your business and your employees safe. It is a way for you to make sure any accident or disaster that occurs doesn’t put you out of business. Before such policies, a simply accident or fire could put a business out of commission. This could result in a family’s dream disappearing for good.
Consider what would happen years ago if Grandpa’s store caught fire and he didn’t have enough savings to cover lost products and rebuild the store. It would have been a total loss. This means a potential family tradition of passing his store down generation to generation was no longer possible. This scenario is what makes business or commercial insurance so important.
Overall, we work to keep you and your family’s dreams alive, even when disaster strikes. An accident or something else not in your control should never mean the demise of your dream. That’s why we at Mikeal Taylor Insurance Agency make sure this doesn’t happen because we construct a policy for you that includes the coverage you need.